Friday, June 17, 2011

Did Chrysler have revival?

Former Merrill Lynch financial advisor and former Investscape Inc. President Richard Lim was skeptic saying he wasn't sure you could call this a recovery. He voiced concern for other publicly traded companies as well. Lim said other publicly traded companies that have to abide by SEC rules can’t compete fairly against a private company that gets the same money from the government.
      
Some still don’t agree with the bailout, nor believe progress is being made. Washington Examiner columnist Conn Carroll is one of the skeptics.

Swiecki seemed to disagree with critics, saying the economic repercussions would have been quite substantial if Chrysler wasn’t bailed out. Swiecki said the Center of Automotive Research did an economic impact analysis and if Chrysler remained bankrupt, not only would thousands of jobs be taken away from workers and suppliers, but a domino effect within the car industry would be imminent.

“Maintaining a viable U.S. auto industry is important to the country's economy and success,”
Chrysler Finance and Corporate Communications Manager Eileen Wunderlich Said. “In 2010, Chrysler Group and its subsidiaries paid more than $3.1 billion in wages, $2.1 billion in annual pensions and more than $2.6 million in state and local taxes.”

According to Wunderlich, in 2010, the Company launched 16 all-new or significantly refreshed products and met or exceeded all financial targets established for that year. Total worldwide sales for the year were 1.5 million units, a significant increase from 2009 sales, and U.S market share increased to 9.2 percent from 8.8 percent in 2009.

No comments:

Post a Comment